Racing thoughts is certainly one of Bipolar II symptoms. Also, an increase of your sex drive is another, manic part of Bipolar II which some of BPs has but not all BPs. Insomnia is one of depressive or manic symptoms.
It sounds to me like you need mood-stabilizer, rather several different anti-depressants to combat. The first-lined med. for BP II is Depakote and other anti-seizure-meds. Another good med. is Lithium which has dual efficacy, anti-depressant and mood-stabilizer. All those meds. are not expensive and works well for mild to mid-range of BPII.
As for counselor, it's one of good tools for you to feel better, but med. is most important tool for the symptoms you're describing.
I have no idea regarding UK medical system, but in my suggestion, you would tell the doc. about racing thoughts and an increase of your sex-drive. From there, he/she should rx more appropriate med./meds. to alleviate your current mental issues.